The key takeaways of the report on the third quarter 2024 results are:
• GAAP Revenue Increases 6%; Underlying Revenue Rises 5%
• Growth in GAAP Operating Income of 11% and Adjusted Operating Income of 12%
• Third Quarter GAAP EPS Rises 3% to USD 1.51 and Adjusted EPS Increases 4% to USD 1.63
• Nine Months GAAP EPS Rises 10% to USD 6.59 and Adjusted EPS Increases 10% to USD 6.93
Consolidated revenue in the third quarter of 2024 was USD 5.7 billion, an increase of 6% compared with the third quarter of 2023. On an underlying basis, revenue increased 5%. Operating income rose 11% to
USD 1.1 billion. Adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 12% to USD 1.2 billion. Net income attributable to the Company was USD 747 million. Earnings per share increased 3% to USD 1.51. Adjusted earnings per share increased 4% to USD 1.63.
For the nine months ended September 30, 2024, consolidated revenue was USD 18.4 billion, an increase of 7% on both a GAAP and underlying basis, compared to the prior year period. Operating income was
USD 4.7 billion, an increase of 12% from the prior year period. Adjusted operating income rose 12% to USD 4.9 billion. Net income attributable to the Company was USD 3.3 billion, or USD 6.59 per diluted share, compared with USD 6.01 in the first nine months of 2023. Adjusted earnings per share increased 10% to USD 6.93.
"This was a milestone quarter for Marsh McLennan as we delivered strong results and announced the acquisition of McGriff Insurance Services. Our performance demonstrated continued momentum, with 5% underlying revenue growth, 110 basis points of margin expansion and adjusted EPS growth of 4%, or 11% excluding a one-time tax benefit a year ago. We remain on track for another great year in 2024", John Doyle, President and CEO, said.
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